Updated: November 21, 2024
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Tappable equity is the portion of your home’s value you can borrow. A home equity loan (HEL) lets you access this equity to fund home improvements or consolidate debt.
Oklahoma's home equity loan rates are slightly above national averages — 7.8% APR for a 10-year term (7.7% nationally) and 8.2% APR for a 15-year term (7.9% nationally). We provide details on current rates in the state, including city-specific averages and top lenders, as well as tips on securing the best deal.
Higher loan-to-value (LTV) ratios often lead to higher rates. However, in Oklahoma, the average APR for a 15-year home equity loan with an 80% LTV is 8.2%, the same as for a 90% LTV.
HEL rates vary by city in Oklahoma. For example, for 15-year loans, Okmulgee has an average APR of 7%, whereas Sallisaw's is 10%.
Lenders offer different rates for the same loan types. First Bank & Trust Company's average APR is 4.5%, whereas Firstar Bank's is 10%.
MoneyGeek examined 26 different banks and credit unions in Oklahoma using S&P Global's SNL Depository Rates dataset to stay current on the latest home equity loan rates.
This data is accurate as of November 2024.
The current average APR for a 15-year home equity loan in Oklahoma is 8.2%, but several factors might affect lenders' rates. A higher credit score typically means a lower APR, while larger loan amounts may result in higher rates. Repayment terms also affect the APR. Use the table below to compare average APRs for home equity loans in the state by loan term.
| 10Year | 7.8% |
| 15Year | 8.2% |
| 5Year | 7.7% |
Oklahoma HEL interest rates change daily. Tracking these changes can help you save money by paying less interest over the life of the loan. It can also help you consolidate high-interest debts.
For example, a $50,000 home equity loan with a 15-year term at 8.2% APR has a $484 monthly payment and $37,051 in total interest. A 10-year loan at 7.8% APR has a $601 monthly payment and $22,164 in total interest.
Home equity loans (HELs) and home equity lines of credit (HELOCs) let homeowners access their property's equity. Home equity loans have fixed rates, averaging 7.8%, while HELOC rates in Oklahoma are variable, averaging 8.6%.
HELs' fixed rates mean consistent monthly payments, offering predictability in budgeting. Variable rates, like those of HELOCs, can start lower but may increase, leading to higher payments over time.
The rate you qualify for depends on your loan-to-value (LTV) ratio, which is how much you owe on your mortgage compared to your home's appraised value. To calculate your LTV ratio, divide your current mortgage balance by your home's appraised value and multiply by 100. For example, if your home is valued at $300,000 and you owe $240,000 on your mortgage, your LTV ratio is 80%.
A higher LTV ratio poses a greater risk to lenders, often leading to higher rates. However, in Oklahoma, the average APR for a 15-year home equity loan is 8.2% for both 80% and 90% LTV ratios. Use the table below to check rates based on your LTV ratio.
| 8.2% | 8.2% |
Average APRs for home equity loans vary by city due to lender competition and local costs. Larger, densely populated cities often have more lenders, leading to lower rates. Property taxes and local fees also impact borrowing costs.
In Oklahoma, Stroud's average APR is 4.5%, while Sallisaw's is 10%. The table below shows average home equity loan rates across Oklahoma cities.
| 10Year | 8.0% |
| 15Year | 8.3% |
| 5Year | 7.8% |
Home equity loan rates in Oklahoma differ significantly between lenders due to varying policies, risk assessments and market strategies. First Bank & Trust Company offers the lowest average APR at 4.5%, while Firstar Bank has the highest at 10%.
Compare rates and terms from different lenders to find the best deal. Use the interactive table below to discover the most competitive lenders in your city.
| First Bank & Trust Company | 4.5% |
| U.S. Employees O.C. Federal Credit Union | 6.4% |
| Allegiance Federal Credit Union | 6.5% |
| Oklahoma's Credit Union | 7.5% |
| The Focus Federal Credit Union | 8.0% |
| Weokie Federal Credit Union | 8.1% |
| Tinker Federal Credit Union | 8.3% |
| INTRUST Bank | 8.5% |
| Communication Federal Credit Union | 8.6% |
| BMO BANK NATIONAL ASSOCIATION | 8.6% |
| Busey Bank | 8.8% |
| Commerce Bank | 8.9% |
| BOKF | 9.0% |
| Farmers Insurance Group Federal Credit Union | 9.0% |
Credit unions often offer lower home equity loan rates than large banks. Commercial banks in Oklahoma have an average APR of 8.4%, while credit unions offer a lower rate of 7.6%. However, credit unions may have stricter membership requirements.
Getting the best home equity interest rates can reduce your monthly payments and overall costs, freeing up funds for other financial goals. To secure the best rates, consider these strategies:
Compare lenders
Lenders may offer different APRs for the same loan amount and credit profile. For instance, U.S. Employees O.C. Federal Credit Union has an average APR of 6.4%, while Frazer Bank offers 9.5%. Compare home equity loan providers to find better rates.
Increase your home's equity
Having more equity in your home can result in more competitive rates from lenders. Oklahoma homeowners can increase their home's equity by adding tornado shelters or home offices.
Improve your credit score
Increasing your credit score can lead to more competitive home equity loan rates. Pay bills on time and reduce credit card debt to improve your credit score. The average credit score in Oklahoma is 696, according to Experian.
Decrease your debt-to-income ratio
A lower debt-to-income (DTI) ratio — the percentage of your monthly income used to pay debts — can lead to better rates as lenders see you as a less risky borrower.
Provide your income and recurring payments to calculate your DTI.
Enter all applicable payments to ensure accurate results.
MoneyGeek answers common questions about home equity loan rates for Oklahoma homeowners, offering precise and reliable information.
As of November 2024, the average APRs for home equity loans in Oklahoma are 7.7% for five-year, 7.8% for 10-year and 8.2% for 15-year terms. Rates depend on factors like your credit score.
To calculate your home equity, subtract your outstanding mortgage balance from your home's current market value. Understanding home equity requirements can help you assess your eligibility.
Yes, rates vary by city. For example, Stroud's average APR is 4.5%, while Sallisaw's is 10%.
Home equity loan interest may be tax-deductible if the funds are used for home improvements.
Potential drawbacks include the risk of foreclosure if you fail to repay and the possibility of rising payments with fluctuating interest rates.
The process typically takes two to six weeks, depending on the lender and how prepared you are with the required documentation.
To get a loan, ensure you meet the eligibility for a home equity loan and credit score requirements. Gather the necessary documents and apply with a lender.
Funds can be used for various purposes, such as home improvements or debt consolidation. However, some lenders may impose restrictions on usage.
While you can apply for a home equity loan on your primary residence, some lenders may also allow loans on second homes.
Alternatives include HELOCs or a cash-out refinance. Each type of loan has its own terms and conditions.
A HELOC offers a draw period during which you can borrow multiple times, often with an annual fee. A home equity loan provides a lump sum with fixed interest rates.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
